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Sahni Appeals Ruling Taking Away Control of Real Estate Partnerships

October 29, 1987|JAMES S. GRANELLI

Ranbir S. Sahni, the ousted chairman of American Diversified Savings Bank, on Wednesday appealed an Orange County Superior Court ruling that had transferred control of 41 real estate limited partnerships from him to the Costa Mesa-based S&L.

Earlier this month, Sahni seized control of the partnerships from an S&L subsidiary by declaring that the subsidiary was insolvent. A judge ruled Monday, however, that the subsidiary was not insolvent and that Sahni wrongfully took over the operations.

At stake in the battle is a lucrative contract to manage the properties, which are worth $171 million and are in 11 states. The contract pays about $100,000 a month in fees, said Thomas J. Haupert, the S&L's president.

American Diversified, a state-chartered S&L, was declared insolvent and seized by state and federal regulators on Feb. 14, 1986. The Federal Savings and Loan Insurance Corp. has been acting as conservator of the institution.

Sahni, who was deposed as the S&L's chairman when federal authorities took over its operation, owns 96% of American Diversified and is trying to transfer his ownership interest to Interfi Corp., a Huntington Beach company he owns. The state Department of Savings and Loan refused to permit the transfer.

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